A business compiling its financial statements for the year to 31 January each year pays rent quarterly in advance on 1
January, 1 April, 1 July and 1 October each year. After remaining unchanged for some years, the rent was increased from
$24,000 per year to $30,000 per year as from 1 July 20X0.
Which of the following figures is the rent expense which should appear in the statement of profit or loss for year ended 31
January 20X1？
5months
————?????? X$24,000 =$10,000
12 months
7months
————-????? X$30,000=$17,500
12 months
Total rent： $10,000 + $17,500 = $27,500
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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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